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Globalizing Capital: A History of the International Monetary System (Second Edition) / Edition 2

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Overview

First published more than a decade ago, Globalizing Capital remains an indispensable part of the economic literature today. Written by renowned economist Barry Eichengreen, this classic book emphasizes the importance of the international monetary system for understanding the international economy. Brief and lucid, Globalizing Capital is intended not only for economists, but also a general audience of historians, political scientists, professionals in government and business, and anyone with a broad interest in international relations. Eichengreen demonstrates that the international monetary system can be understood and effectively governed only if it is seen as a historical phenomenon extending from the period of the gold standard to today's world of fluctuating prices. This updated edition continues to document the effect of floating exchange rates and contains a new chapter on the Asian financial crisis, the advent of the euro, the future of the dollar, and related topics. Globalizing Capital shows how these and other recent developments can be put in perspective only once their political and historical contexts are understood.

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Editorial Reviews

Foreign Affairs - Richard N. Cooper
Praise for the first edition: This book by a prominent historian is a succinct and well-written history of the international monetary system. . . . [It] provides useful historical background for understanding current European efforts to create a monetary union.
From the Publisher

Praise for the first edition: "This book by a prominent historian is a succinct and well-written history of the international monetary system. . . . [It] provides useful historical background for understanding current European efforts to create a monetary union."--Richard N. Cooper, Foreign Affairs

Praise for the first edition: "Capital flows in the recent period, unlike those in the earlier one, proved to be incompatible with exchange rate stability. [Eichengreen's] reasons for the difference . . . constitute a unique insight and contribution."--Choice

Foreign Affairs
Praise for the first edition: This book by a prominent historian is a succinct and well-written history of the international monetary system. . . . [It] provides useful historical background for understanding current European efforts to create a monetary union.
— Richard N. Cooper
Choice
Praise for the first edition: Capital flows in the recent period, unlike those in the earlier one, proved to be incompatible with exchange rate stability. [Eichengreen's] reasons for the difference . . . constitute a unique insight and contribution.
Library Journal
Eichengreen (Univ. of California-Berkeley), the author of Golden Fetters: The Gold Standard and the Great Depression, 1918-1939 (Oxford Univ., 1992), uses a detailed history of exchange rate systems to support his theory that the democratization of political processes has presented competing goals to policymakers, making it more difficult for them to commit to fixed rates of exchange. His explanation for the movement toward floating exchange rates is controversial but well argued. The information he cites is current, and he incorporates a discussion of the European Monetary System and its future. Eichengreen's presentation of history is solid, with ample references. General readers will benefit from the glossary of his technical terms. His book will be the most useful to economists, historians, political scientists, and finance professionals.A.J. Sobczak, formerly at California State Univ., Northridge
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Product Details

  • ISBN-13: 9780691139371
  • Publisher: Princeton University Press
  • Publication date: 9/15/2008
  • Edition description: New Edition
  • Edition number: 2
  • Pages: 276
  • Sales rank: 427,942
  • Product dimensions: 9.14 (w) x 6.02 (h) x 0.45 (d)

Meet the Author


Barry Eichengreen is the George C. Pardee and Helen N. Pardee Professor of Economics and Political Science at the University of California, Berkeley. His books include "Golden Fetters" and "The European Economy since 1945" (Princeton).
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Table of Contents

Preface vii
Chapter One: Introduction 1

Chapter Two: The Gold Standard 6
Prehistory 7
The Dilemmas of Bimetallism 8
The Lure of Bimetallism 12
The Advent of the Gold Standard 15
Shades of Gold 19
How the Gold Standard Worked 24
The Gold Standard as a Historically Specifi c Institution 29
International Solidarity 32
The Gold Standard and the Lender of Last Resort 34
Instability at the Periphery 37
The Stability of the System 41

Chapter Three: Interwar Instability 43
Chronology 44
Experience with Floating: The Controversial Case of the Franc 49
Reconstructing the Gold Standard 55
The New Gold Standard 59
Problems of the New Gold Standard 61
The Pattern of International Payments 66
Responses to the Great Depression 70
Banking Crises and Their Management 73
Disintegration of the Gold Standard 75
Sterling's Crisis 78
The Dollar Follows 83
Managed Floating 86
Conclusions 89

Chapter Four: The Bretton Woods System 91
Wartime Planning and Its Consequences 94
The Sterling Crisis and the Realignment of European Currencies 100
The European Payments Union 104
Payments Problems and Selective Controls 107
Convertibility: Problems and Progress 111
Special Drawing Rights 115
Declining Controls and Rising Rigidity 118
The Battle for Sterling 123
The Crisis of the Dollar 126
The Lessons of Bretton Woods 132

Chapter Five: After Bretton Woods 134
Floating Exchange Rates in the 1970s 136
Floating Exchange Rates in the 1980s 142
The Snake 149
The European Monetary System 157
Renewed Impetus for Integration 164
Europe's Crisis 168
Understanding the Crisis 172
The Experience of Developing Countries 178
Conclusions 183

Chapter Six: A Brave New Monetary World 185
The Asian Crisis 192
Emerging Instability 198
Global Imbalances 210
The Euro 219
International Currency Competition 225
Chapter Seven: Conclusion 228
Glossary 233
References 241
Index 259

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